Peso retreats as market awaits release of inflation, employment data

The Philippine peso retreated against its US counterpart on Tuesday, as the market awaited the release of key economic data this week.

The local currency lost 6.5 centavos to close at P47.76:$1 versus Monday's finish of P47.695:$1.

According to ING Bank Manila senior economist Nicholas Mapa, the peso strengthened early in the session as foreign investors dumped funds into the local equities market.

Data from the local bourse shows that foreign funds bought P11.901 billion of shares during the session and sold P11.560 billion for a net buying position of P341.370 million.

"Some correction was noted after the initial bias as investors await domestic inflation numbers and labor market out from the US later this week," said Mapa.

The Philippine Statistics Authority (PSA) is scheduled to release May inflation figures on Friday, along with the latest employment data. The United States will release May labor data on June 4. — BM, GMA News